Cooper Companies (NYSE:COO) Posts Quarterly Earnings Results, Misses Expectations By $0.19 EPS

Cooper Companies (NYSE:COOGet Rating) posted its quarterly earnings results on Thursday. The medical device company reported $3.24 earnings per share for the quarter, missing the consensus estimate of $3.43 by ($0.19), MarketWatch Earnings reports. The company had revenue of $829.80 million during the quarter, compared to analysts’ expectations of $821.03 million. Cooper Companies had a return on equity of 9.89% and a net margin of 31.00%. The business’s quarterly revenue was up 15.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $3.38 EPS. Cooper Companies updated its FY 2022 guidance to $13.09-$13.29 EPS and its FY22 guidance to $13.09-13.29 EPS.

Shares of NYSE COO traded up $9.60 during midday trading on Thursday, hitting $352.81. 378,622 shares of the stock traded hands, compared to its average volume of 338,769. The firm has a 50-day moving average of $374.45 and a two-hundred day moving average of $392.04. The firm has a market capitalization of $17.39 billion, a P/E ratio of 18.35, a PEG ratio of 2.31 and a beta of 0.90. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.67 and a current ratio of 1.02. Cooper Companies has a one year low of $309.43 and a one year high of $463.59.

Several research firms recently weighed in on COO. Piper Sandler cut their price target on Cooper Companies from $500.00 to $430.00 and set an “overweight” rating on the stock in a research note on Tuesday. Robert W. Baird cut their price target on Cooper Companies from $437.00 to $392.00 in a research note on Thursday, May 26th. Citigroup upgraded Cooper Companies from a “neutral” rating to a “buy” rating and cut their price target for the stock from $460.00 to $405.00 in a research note on Tuesday, May 17th. StockNews.com assumed coverage on Cooper Companies in a research note on Thursday, March 31st. They set a “hold” rating on the stock. Finally, Stephens increased their target price on Cooper Companies from $430.00 to $500.00 and gave the company an “overweight” rating in a research note on Monday, March 7th. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $440.67.

In related news, Director Jody S. Lindell sold 700 shares of the firm’s stock in a transaction on Monday, April 4th. The stock was sold at an average price of $421.04, for a total value of $294,728.00. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Gary S. Petersmeyer sold 300 shares of the firm’s stock in a transaction on Monday, April 11th. The stock was sold at an average price of $410.55, for a total value of $123,165.00. The disclosure for this sale can be found here. Insiders have sold a total of 19,646 shares of company stock worth $8,195,614 over the last three months. Insiders own 1.70% of the company’s stock.

Large investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its position in Cooper Companies by 1.3% in the first quarter. Vanguard Group Inc. now owns 5,368,727 shares of the medical device company’s stock worth $2,241,927,000 after acquiring an additional 70,640 shares in the last quarter. Goldman Sachs Group Inc. grew its position in Cooper Companies by 22.0% in the first quarter. Goldman Sachs Group Inc. now owns 162,146 shares of the medical device company’s stock worth $67,711,000 after acquiring an additional 29,247 shares in the last quarter. Bridgewater Associates LP grew its position in Cooper Companies by 44.7% in the first quarter. Bridgewater Associates LP now owns 86,652 shares of the medical device company’s stock worth $36,185,000 after acquiring an additional 26,775 shares in the last quarter. Eaton Vance Management grew its position in Cooper Companies by 63.0% in the first quarter. Eaton Vance Management now owns 63,703 shares of the medical device company’s stock worth $26,602,000 after acquiring an additional 24,612 shares in the last quarter. Finally, Royal Bank of Canada grew its position in Cooper Companies by 14.5% in the first quarter. Royal Bank of Canada now owns 148,821 shares of the medical device company’s stock worth $62,145,000 after acquiring an additional 18,903 shares in the last quarter. 98.38% of the stock is currently owned by institutional investors and hedge funds.

Cooper Companies Company Profile (Get Rating)

The Cooper Companies, Inc, together with its subsidiaries, develops, manufactures, and markets contact lens wearers. The company operates in two segments, CooperVision and CooperSurgical. The CooperVision segment offers spherical lense, including lenses that correct near and farsightedness; and toric and multifocal lenses comprising lenses correcting vision challenges, such as astigmatism, presbyopia, myopia, ocular dryness and eye fatigues in the Americas, Europe, Middle East, Africa, and Asia Pacific.

Further Reading

Earnings History for Cooper Companies (NYSE:COO)

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